Leshi Internet says it must repay $890 million in debts by the end of 2018

Leshi Internet, one of China’s largest video-streaming services, disclosed that it must pay back 5.62 billion RMB (about $890 million) by the end of this year. Leshi Internet’s (also known as Le.com) heavy debts stem from a financial crisis at its sister company LeEco, both of which were founded by Jia Yueting. Jia resigned as Leshi Internet’s chief executive officer last year.

That amount represents about two-thirds of the total 9.29 billion yuan (about $1.45 billion) in debt Leshi Internet owes, which it says stems from Jia’s failure to provide funding after borrowing against Leshi Internet shares to fuel LeEco’s overambitious expansion strategy.